Registrar-Generals-Department-Annual-report-1969-1970 — Page 97

TABLE XXVI

THE CANTON TRUST AND COMMERCIAL BANK LIMITED (IN LIQUIDATION)

COMPANIES LIQUIDATION (C.T.) ACCOUNT

(subject to audit)

STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31ST MARCH 1970 (WITH TOTALS FOR THE PERIOD 12TH MAY 1965 to 31st MARCH 1970)

Dr.

Cr.

60,311,294

443,308

On Book Debts

$ 470,449 1,368,753

$ 767,927 3,581,672

Balance as at 31st

March 1969;

RECEIPTS

PAYMENTS

Year ended 31st March 1970

Period from

Year ended

12th May 1965 to 31st March 1970

31st March 1970

Payments for preserva- tion of assets:

Cash in Hand

S

219

Balance of Companies

Liquidation (Ĉ.T.)

Payments to complete purchases

$

$

Property Tax

900

247,270

57,051

Account

113,763

Rates (less refunds

Fixed and Call

received)

---

8,859

199,283

Deposits in name

Crown Rent

94

1,277

of Official Receiver

8,050,000

Insurance of buildings

and contents

7,331

31,123

$ 8,163,982

S

Realization of Assets: Cash and Bank Balances

Maintenance expenses

21,613

96,878

S 38,797

$

632,882

S

$10,400,082

Proceeds of Property

Expenses of Petition and Statement of Affairs

47,095

realized:

Land and Buildings Deposits on un-

completed sales.. Other Fixed Assets Book Debts collected Stamp Duty recovered

Property Rental received

Interest received:

On Deposits with Bankers

1,907,218

4,256,578

Expenses of realization

of assets:

212,250

23,106

8,780,451

221.750

504,297

44,924,485

4,102

10,923,025

104,217

Period from 12th May 1965 to

31st March 1970

On realization of

Assets

$ 9,343

$

16,372

On recovery of Book

Debts (less

recoveries)..

51,881

131,836

61,224

148,208

Debtors)

On Deposits re Sale

of Property

34,689

Payments to Creditors:

1,839,202

4,384,288

Expenses of Collection of Book

Debts (recoverable from

Miscellaneous payments (temporarily held in Suspense Account)

Preferential Creditors $ 196,237

Unsecured Creditors

298,205

1,519,681

8,163

9,010

$ 278,607

Disbursements recovered

Miscellaneous receipts

7,257

Rental Deposits

refunded

4,220

12,851

28,069

Dividends paid

First

21,043,277

65,174,216

Second

58,561

14,211,750

37,286,048 14,211,750

Collection for

beneficiaries of Bills

for Collection, etc.:

Sums collected

$

Lees: Payments to beneficiaries

$

10,437

10,437

Drawings by Official Receiver on account of fees

14,466,548

493,600

51,780,625

1,890,687

Legal Expenses in Special Civil Action

---

12,835

12,835

Deposits received from Licensees and Tenants (less refunded)

Receipts (less Payments) held in suspense for account of a Debtor now bankrupt

Less: Sums placed on

Special Fixed

Deposit with

Interest paid on loan from Hong Kong Government

---

4,320

19,280

Expenses of Liquidation to date

349,557

$15,728,929

1,695,579

2,042,602

$59,779,204

$ 187,730

$ 2,090,365

Bankers and

transferred to

Trustee in

182,335

2,090,365

5,395

Balances as at 31st

March 1970:

Cash In Hand

Balances with Bankers

Current Accounts...

Fixed and Call

Deposits

$

4,945

1,177,452

4,900,000

$ 4,945

1,177,452

4,900,000

6,082,397

6,082,397

91

$

782,120

23,786

$ 782,120

114,015

758,334

668,105

$21,811,326

$65,861,601

$21,811,326

$65,861,601

$22,500,000

22,500,000

Bankruptcy

Loans from Hong Kong

Government:

Sums borrowed to

make payments to Creditors

Less: Sums repaid to date-

Froceeds of Sale of a Debtor's Property held in suspense pending completion: Receipts

› Less: Expenditure

TABLE XXVI-Contd.

STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 1970